Maybank’s chief executive officer Datuk Seri Abdul Wahid Omar says the external environment continues to pose a challenge due to the volatility in global markets.
Malayan Banking Bhd’s first quarter net profit jumped 25 per cent to RM1.28 billion, driven mainly by double-digit growth in revenue from almost all its business sectors.
Revenue for the three months ended September 30 2011 climbed 21 per cent to RM6.07 billion from RM5 billion previously.
Maybank’s chief executive officer Datuk Seri Abdul Wahid Omar said while the bank would be able to meet its key performance indicator based on its current achievement, the external environment continues to pose a challenge due to the volatility in global markets.
“While we remain cautious of possible impact from any weakening in external demand and will be vigilant in our monitoring, we are cognizant of areas where growth remains strong and will
responsibly pursue building market share in these areas,” he said in a statement released yesterday.
Maybank had in July this year announced the change in financial year-end from June 30 to December 31.
The first new financial year would end on December 31 2011 with a shorter six-month period from July 1 2011 to December 31 2011.
Maybank attributed the good start to improvement in asset quality and better bad debts recovery, mainly from corporate banking, business banking and small and medium enterprises (SMEs) and its Singapore operations.
It said group loans continued to grow at a steady pace, expanding 17.6 per cent on an annualised basis.
Overseas loans surged 41.4 per cent, led by Singapore (41 per cent) and Indonesia (26.6 per cent).
Loans from its Malaysian operations grew slower at 7.2 per cent. Maybank Islamic continued to register solid financing growth with a rise of 24 per cent.
Maybank said loans growth in Malaysia is expected to be mainly driven by the rollout of the Economic Transformation Programme (ETP) projects and domestic consumption.
“With continued pressure on narrowing margins, the group will continue to be selective in pursuing loans growth and will focus on sustaining asset quality through sound credit risk management policies and practices,” it told Bursa Malaysia in a filing yesterday.
By Rupinder Singh, btimes.com.my
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